BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Memorandum
ceases to
prohibit issue of
bearer shares
etc.
Fee payable by
restricted
purposes
company.
Insolvency Act
liquidator
appointed.
Company
authorised to
issue unlimited
number of
shares.
161
specified in paragraph 10(1)(b) by $100.00, in place of the figures of
$250.00 and $150.00 specified in subparagraph (3), if
(a) every bearer share in the company in issue on the date that the
annual fee is due for that year (the due date) is held by an
authorised custodian, the registered office and head office of which
are situated in the Virgin Islands (a qualifying custodian); and
(b) every bearer share in the company that has been in issue at any
time during the period of twelve months prior to the due date has
at all times during that period been held by a qualifying custodian.
13. If by reason of an amendment of its memorandum, its merger with another
company or an arrangement, the memorandum of a company no longer
prohibits the company from issuing bearer shares, converting registered
shares to bearer shares or exchanging registered shares for bearer shares,
in circumstances where the memorandum contained such a prohibition prior
to the amendment, merger or arrangement, it shall be liable to pay a fee equal
to the difference between
(a) the fee that it would have paid on its incorporation or continuation
had it been so authorized; and
(b) the fee that it actually paid.
14. Where a company is incorporated as a restricted purposes company, the
incorporation fee specified in the table in Part I of this Schedule in respect
of section 8(1) is payable instead of, and not in addition to, the
incorporation fee specified in the table in respect of section 7(1).
15. Where an Insolvency Act liquidator is appointed in respect of a company, the
company is not liable for any fees incurred under this Schedule after the
date of the liquidator’s appointment.
16. For the purposes of this Schedule, a company that is authorised to issue an
unlimited number of shares shall be regarded as a company that is
authorised to issue more than 50,000 shares.
AE/ET/Pub./bg/03.2007